MicroStrategy’s new CEO said Tuesday that owning bitcoin was the best treasury strategy for the company.Read MoreCoinDesk
New MicroStrategy (MSTR) CEO Phong Le backed up Michael Saylor’s decision to hold bitcoin on its balance sheet.
Speaking Tuesday at Canaccord Genuity’s growth conference, Le said that prior to first purchasing bitcoin (BTC) in August 2020, MicroStrategy explored options including treasury paper, corporate bonds, gold, commodities, real estate, and even artwork.
Digital assets, however, kept popping into management’s conversations, said Le. “We at our core are inventors, we’re innovators,” said Le, helping explain why bitcoin won out.
Le reminded that MicroStrategy in Sept. 2020 ran a Dutch Auction tender, offering those investors not interested in the bitcoin strategy a way out via a 15% premium to the current stock price. Only $60 million in stock was tendered, said Le, far short of the $250 million the company had expected.
Le said the bitcoin strategy has boosted shares and trading volume, and helped transition MicroStrategy from solely being a “sleepy software company.”
The company now owns just over 129,000 bitcoins, or nearly $3 billion worth at the current price of $23,000.
Le was moved into the CEO spot at MicroStrategy last week after Michael Saylor exited that role to assume the title of executive chairman, with sole focus on the bitcoin strategy.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Your day-ahead look for Aug. 28, 2026Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
BTC briefly touched $81,455 overnight, its highest since May 15 as Nasdaq futures slipped and…
The $6.4 billion expiry cleared after bitcoin’s run from roughly $62,000 to $80,000, leaving traders…
Bitcoin Magazine Pakistan Built Its Crypto Regulatory Regime Using Just 8% of Its Budget, Minister…
Warsh’s Jackson Hole speech could shape expectations for Fed support of Treasury buybacks, with implications…
The indictor has flipped positive for the first time since May as BTC looks to…